Hotel Condo????

[La Jolla Renter]

I went to dinner at the Hardrock the other night… Got to see a room… wow! somebody knew what the hell they were doing… very impressive.

I called the next day to try and buy one… I was told they were sold out. I didn’t take no for an answer and tried to get on a waiting list, told them I could close in a couple days with cash (I could and I was 90% serious)… no luck.

Oxfordrick… I guess you need a new crystal ball… first development I have heard of that won’t take cash when they are not sold out.

Found out an owner nets 43% of the room rate. Not sure if that will cover a 400k 30yr fixed mortgage, but very close.

When the conventions come to town, the best parties will be at the HardRock, and everyone will want to change hotels.

(I sure am getting turned off from the FEW overly pessimistic, probably don’t have a pot to piss, chip on their shoulder wannabe homeowners on this site. Not that you are one Oxfordrick, but you do need a new crystal ball)

[Coronita]

La Jolla Renter

 

Found out an owner nets 43% of the room rate. Not sure if that will cover a 400k 30yr fixed mortgage, but very close.

 

That's ridiculous low percentage of the room rate. Some of the condo-hotel's i saw was charging 25% room rate, and even so it was till hard to get the numbers to match. Keep in mind that in addition to just the room rate fee, there are probably HOA/management fees that are considerably higher than any fees you would see in a residential attached home.

Do the math yourself. Find out home much room rates are, how much management fee is, how much of the hotel costs they want you to put up, how much the fees are to rent the room out, how much insurance will be if you can find it, and how much a commercial loan will be. BTW, I'm pretty sure you won't be able to get a conventional fixed rate mortgage..Because again this isn't a residential property.You'll be looking at commercial property financing.

 

[Coronita]

La Jolla Renter

 

Found out an owner nets 43% of the room rate. Not sure if that will cover a 400k 30yr fixed mortgage, but very close.

 

That's ridiculous low percentage of the room rate. Some of the condo-hotel's i saw was charging 25% room rate, and even so it was till hard to get the numbers to match. Keep in mind that in addition to just the room rate fee, there are probably HOA/management fees that are considerably higher than any fees you would see in a residential attached home.

Do the math yourself. Find out home much room rates are, how much management fee is, how much of the hotel costs they want you to put up, how much the fees are to rent the room out, how much insurance will be if you can find it, and how much a commercial loan will be. BTW, I'm pretty sure you won't be able to get a conventional fixed rate mortgage..Because again this isn't a residential property.You'll be looking at commercial property financing.

 

[Coronita]

La Jolla Renter

 

Found out an owner nets 43% of the room rate. Not sure if that will cover a 400k 30yr fixed mortgage, but very close.

 

That's ridiculous low percentage of the room rate. Some of the condo-hotel's i saw was charging 25% room rate, and even so it was till hard to get the numbers to match. Keep in mind that in addition to just the room rate fee, there are probably HOA/management fees that are considerably higher than any fees you would see in a residential attached home.

Do the math yourself. Find out home much room rates are, how much management fee is, how much of the hotel costs they want you to put up, how much the fees are to rent the room out, how much insurance will be if you can find it, and how much a commercial loan will be. BTW, I'm pretty sure you won't be able to get a conventional fixed rate mortgage..Because again this isn't a residential property.You'll be looking at commercial property financing.

 

[Coronita]

La Jolla Renter

 

Found out an owner nets 43% of the room rate. Not sure if that will cover a 400k 30yr fixed mortgage, but very close.

 

That's ridiculous low percentage of the room rate. Some of the condo-hotel's i saw was charging 25% room rate, and even so it was till hard to get the numbers to match. Keep in mind that in addition to just the room rate fee, there are probably HOA/management fees that are considerably higher than any fees you would see in a residential attached home.

Do the math yourself. Find out home much room rates are, how much management fee is, how much of the hotel costs they want you to put up, how much the fees are to rent the room out, how much insurance will be if you can find it, and how much a commercial loan will be. BTW, I'm pretty sure you won't be able to get a conventional fixed rate mortgage..Because again this isn't a residential property.You'll be looking at commercial property financing.

 

[Coronita]

La Jolla Renter

 

Found out an owner nets 43% of the room rate. Not sure if that will cover a 400k 30yr fixed mortgage, but very close.

 

That's ridiculous low percentage of the room rate. Some of the condo-hotel's i saw was charging 25% room rate, and even so it was till hard to get the numbers to match. Keep in mind that in addition to just the room rate fee, there are probably HOA/management fees that are considerably higher than any fees you would see in a residential attached home.

Do the math yourself. Find out home much room rates are, how much management fee is, how much of the hotel costs they want you to put up, how much the fees are to rent the room out, how much insurance will be if you can find it, and how much a commercial loan will be. BTW, I'm pretty sure you won't be able to get a conventional fixed rate mortgage..Because again this isn't a residential property.You'll be looking at commercial property financing.

 

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